I've been using Elgato's digital-analog TV tuner for a year and was happy with it. So I'm surprised how poor the quality of this product. I think they missed an opportunity to really understand their user base and what we might use this device for. I use it to convert video from one format to another - mostly avi to m4v so that I can play and archive my videos - TV Shows, Music Videos and Films - within iTunes. For this purpose, the Turbo 264 HD not only doesn't shine, but almost destroys good video.
I submitted two photos of my results as customer pictures - they show two conversions for comparison. On top is a QT conversion at a lower bitrate. On the bottom is Elgato's default AppleTV setting. The results for the Turbo device are surprisingly poor. Much darker and with a serious loss of detail. Also, it doesn't allow you to customize the settings "like a pro" (their words from advertising) - no 2-pass (an obvious requirement), no adding a poster frame, no control over multiple audio tracks, no control over subtitle files, and until the HD software was introduced no modifying the kbps - many the things we expect from QuickTime or ViddyUp or the plethora of dedicated video converters.
Again, it seems Elgato missed an opportunity to make a great, flexible product. It's a good idea, but not well executed.